Flaxseed oil has a high amount of α‐linolenic acid (an ω3 essential fatty acid), but it is very prone to oxidation. Therefore, olive leaves were used as a rich source of phenolic compounds with flaxseeds upon oil extraction by cold press to enhance the oxidative stability of extracted oils. Oil from flaxseeds with unblanched leaves and blanched leaves at level of (0 [control sample], 2.5, 5, 7.5, and 10% w/w) was extracted by cold press. Quality of extracted oils was evaluated for 90 days of storage at room condition. Incorporation of unblanched olive leaves could increase the acid value of the extracted oils up to 2.0 (mg KOH/g oil) compared to the other samples. Oxidation of the flaxseed oil could be delayed by the addition of blanched olive leaves up to 5%. Oil extracted from flaxseeds incorporated with blanched olive leaves had higher content of carotenoids (up to 33.7 mg/kg oil), chlorophylls (up to 35.7 mg/kg oil), and phenolic compounds (up to 200 mg/kg oil). Also, oxidative stability of extracted oils was higher up to 7.5% of blanched olive leaves (11.4 h) compared to control sample (7.2 h) and other oil samples. Polyunsaturated fatty acids of the oil samples were well preserved by the incorporation of blanched olive leaves. Based on the obtained results, incorporation of suitable amount of blanched olive leaves (up to 7.5%) with flaxseeds before oil extraction by press can be an appropriate procedure to produce oils with high content of bioactive components and suitable oxidative stability.